| BUSINESS TIPS HOW TO GET YOUR SHARE OF EXPIRED LISTINGS AND TURN THEM INTO SALES |
| Expired listings are a huge opportunity for real estate agents. Data from REDX, a real estate client acquisition platform, reports that in the first week of 2024, 129,686 listings expired or were canceled or withdrawn. Those list prices added up to a sales volume of $12 billion! So, let’s explore what happened to those expired listings and see how to take advantage of this big opportunity. Over half the homes that expired the first week of 2024 were relisted at some point during the year. But 49% of those homes never relisted. So, identifying those homes would uncover a market of 63,073 homes where you’d be competing for listings with fewer agents. All it would take is to call the owners and ask them if they would still consider selling. Who Gets the Relistings? The REDX data revealed that about two-thirds of the sellers who relisted kept the same agent, and about a third relisted with a new one. That means if you have a listing that’s scheduled to expire, you have a high probability of keeping it, but you should get an extension signed as far in advance as possible. There’s also a great opportunity if the soon-to-expire listing isn’t yours. The data showed that 58% of homes that relisted sold. But get this—71.2% of homes that relisted with a new agent sold, but only 51.7% of homes that kept the same agent sold. So, if you’re pitching an expired that isn’t your listing, you can tell them that they have about a 40% higher probability of getting their home sold if they relist with you. What Price Can Sellers Expect? The data revealed that more than 80% of relisted homes sold at a price that was lower than the expired list price; 14% got a higher price; and less than 5% closed at their previous list price. This clearly suggests that sellers should not relist at their current price. Every listing has its own unique situation which will influence how it should be priced when relisted. However, the data does indicate that when an expired listing relists, there’s better than an 80% chance it will sell for less than its prior list price. This is all the information sellers with expired listings need to know to make the right decisions moving forward. If you do a good job communicating this data, you just might become the agent of choice for expired listings! |
| TECHNOLOGY IT’S TIME TO FINE-TUNE YOUR SOCIAL MEDIA PRESENCE |
| Social media plays a key role for real estate professionals—connecting with prospects and clients, building trust, and showcasing your expertise. But to have the greatest impact on social platforms, you need to navigate them professionally, and with authenticity. Here’s how to fine tune your social media presence to make the platforms you use powerful tools to reach your audience and grow your business. Know who you’re talking to. Your messaging needs to resonate with the needs of your audience. From first-time buyers, to luxury purchasers, to empty nesters, each segment of the market has different goals, challenges, and questions. So, first decide on your audience. Be yourself and be transparent. Give people the real you. That’s who they want to see, not some polished version of yourself they can’t relate to. And be transparent. Let people know when you share a post that’s sponsored, and when you’re collaborating with another organization. Don’t exaggerate or make misleading claims. Be professional yet approachable. Be as professional online as you are in person. Communicate with authority, but don’t be formal. People want you to be knowledgeable, but they also need to feel comfortable about working with you. Deliver value. Strive to provide information, insights, and inspiration. Give people a reason to follow you. Give tips on home selling and home buying; updates on the local market; cover what’s going on in the community. Showcase listings with the best photography and accurate descriptions. Post regularly, but don’t overwhelm your audience. Go for meaningful connections. You should do more than showcase listings—you should also be building relationships. Encourage interaction, ask questions, share content others will engage with that can start a conversation. Throw out a question like “What’s the most important thing you want in the home you’re looking for?” Be consistent. If you want to have a recognizable presence online, keep your visuals the same high quality, your brand voice consistent, and your messaging aligned with your business goals. Leverage the platform. Instagram is visual, so use it for lifestyle content and to showcase your best listings. Facebook lends itself to community content and in-depth conversations. LinkedIn is great for highlighting your expertise and connecting with others in the industry. Respond. When it’s appropriate, respond to comments and reviews. Do it in a timely manner and always be polite and constructive—even if a comment is negative. If someone has a complaint, tell them you’re sorry for their experience and offer to connect with them privately via phone, text, or email, to rectify the situation. Avoid controversy. Don’t join conversations around controversial topics. Track how you’re doing. Monitor the engagement your posts get, pay attention to relevant comments, and find out what things appeal the most to your audience. Use these insights to refine content and stay focused on what works. Don’t get carried away with trends. Just pick up on those that complement your brand and provide value to your audience. Obey the rules. Regulations that apply to real estate agents extend to social media. Make sure posts comply with MLS rules and fair housing laws. Make client confidentiality your top priority, so don’t post about a sale before you get permission from those involved. You can’t be too cautious. |
| MARKET TIP TRENDS TO BOOST YOUR BUSINESS |
| Here are some trends in the industry that are making a difference. Build your personal brand. Your company’s brand provides a good foundation, but the goal is to build your own personal brand—to lead with yourself instead of your company. Build relationships through social media. It’s been said that the average person has to hear from you 33 times in a year to remember you. Social media is an inexpensive way to reach tons of people frequently. But remember that it’s also important to use direct messaging, emails, texts, and video, as well as the more traditional postcards, letters, phone calls, and face-to-face meetings. Be relationship-focused instead of transaction-focused. You want to develop relationships that lead to clients for life. The goal is to have most of your business coming from repeat clients and referrals. A small gift or a large-scale client appreciation event will go a long way toward reaching that goal. Embrace collaboration. Connect with agents from other markets on Zoom or social media to share what you’ve all learned and come up with fresh ideas. This often leads to referrals from other agents of clients moving to your market. Use technology to boost efficiency. Look to tech to meet your clients’ needs faster and with less hassle. Also use technology to prioritize your schedule. Think of tech as a partner that lets you spend more time on one-to-one interactions and income-producing activities. Stay connected with others the way you always have. Phone calls and face-to-face communications are still the most effective ways to build your business. |
The Jim Passi Team at Citywide Home Loans proudly serves Illinois, Wisconsin, Michigan, Indiana, Georgia and Flordia. If you are looking to buy a home or refinance, we have you covered. Apply Now to get started.
